Turkey's Turcas Petrol Opens Talks to Sell 13.5% of Refinery Project to Socar

Turkish integrated energy company Turcas Petrol [BIST:TRCAS] said its unit Turcas Rafineri Yatirimlari has started talks with Rafineri Holding, a unit of Azeri state-owned oil and gas firm Socar, on the sale of a 13.5% stake in the Star Refinery project in western Turkey.

Turcas Rafineri owns 18.5% of Socar Turkey Yatirim, whose wholly-owned unit Star Rafineri is the owner of the Star Refinery project, Turcas Petrol said in a bourse filing on Monday.

The other shareholders in Socar Turkey Yatirim are Rafineri Holding and the Azerbaijan's economy ministry with stakes of 41.5% and 40%, respectively.

STAR Refinery is scheduled to start operations in 2016 as its processing capacity will be 10 million tonnes of crude oil.

Source: SeeNews